Viral video shows Lalit Modi, Vijay Mallya singing together at lavish London party
Modi, once credited for revolutionising Indian cricket through the IPL, has lived in self-imposed exile in the United Kingdom since 2010 after being suspended by the Board of Control for Cricket in India. He faces multiple allegations, including bid rigging, accepting kickbacks, and money laundering, as well as suspected violations of the Foreign Exchange Management Act (FEMA) amounting to hundreds of crores.Vijay Mallya, often referred to as the 'King of Good Times,' has also been embroiled in legal trouble. He is wanted in India for defaulting on loans worth 9,000 crore and faces fraud and money laundering charges. Mallya, arrested in London in 2017 on India's extradition request, is currently out on bail while legal proceedings continue. He maintains that the allegations are politically motivated and has denied any wrongdoing.Both men, despite their legal battles, appeared at ease as they belted out a song symbolic of defiance and self-assurance. The moment, captured on video, became a talking point not only for its entertainment value but also for the irony it represented—two high-profile fugitives celebrating their lives while evading justice in India.- EndsMust Watch
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Hindustan Times
32 minutes ago
- Hindustan Times
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Securities and Exchange Board of India (SEBI), has taken unprecedented action against Jane Street, one of the world's largest quantitative trading firms. The regulator has banned the US-based company and its affiliated entities from the Indian securities market and ordered them to return ₹4,843 crore in alleged unlawful profits. Jane Street has denied the accusations. The US-based company, Jane Street, has been banned from the Indian securities market by SEBI.(Reuters File) What is Jane Street and how big is it? Jane Street is a global proprietary trading firm founded in 2000. It has more than 3,000 employees and offices across the US, Europe, and Asia. The firm operates in 45 countries. Its footprint in Asia is growing rapidly, especially in Hong Kong. According to a Reuters report, Jane Street had an annual revenue of $20.5 billion last year. Jane Street's operations in India According to SEBI, Jane Street's trading activity in India has been substantial. Between January 2023 and March 2025, it earned nearly $5 billion (about ₹36,671 crore) through index options trading. Out of this, ₹4,843 crore is now under investigation as unlawful gains. Jane Street first drew wider attention in India in 2023 when it sued a rival hedge fund, Millennium Management, in a US court. The case revealed that Jane Street had developed a profitable India-based options trading strategy, which earned it $1 billion in 2023 alone. The two firms settled the dispute later that year. Apart from that, media reports in April 2024 raised concerns about Jane Street's use of proprietary trading strategies in India. After which, the regulatory body examined the firm's trading behaviour, and subsequently issued a detailed interim order in July 2025. What did SEBI investigation revealed? SEBI's interim order outlines serious allegations. Jane Street is accused of manipulating index levels—especially the Nifty and Bank Nifty—on 21 different expiry days between January 2023 and May 2025, reported news agency PTI. In SEBI's report, two main strategies were flagged: Morning pump, afternoon dump: Jane Street allegedly bought large quantities of Bank Nifty stocks and futures early in the day, pushing the index higher. Later, it sold off these positions aggressively, depressing the index by closing time. According to the SEBI, this strategy gave a false impression of market strength, misleading other traders—particularly retail investors—into believing the index was genuinely rising. Expiry day index manipulation: The firm also reportedly executed large, targeted trades in the final hours of expiry days to influence index closing levels, thus affecting options pricing. These actions allowed Jane Street to make large profits in the options market, while the smaller losses it took in cash and futures trades were more than offset by gains from index options. SEBI's findings show Jane Street made: ₹ 44,358 crore in index options gains 44,358 crore in index options gains ₹ 7,208 crore in losses from stock futures 7,208 crore in losses from stock futures ₹ 191 crore in losses from index futures 191 crore in losses from index futures ₹ 288 crore in cash market losses This resulted in a net profit of ₹36,671 crore, out of which ₹4,843 crore is considered illegal by the regulator and has been ordered to be disgorged. As a result, SEBI has barred four Jane Street-linked entities from accessing the securities market: JSI Investments JSI2 Investments Pvt Ltd Jane Street Singapore Pte Ltd Jane Street Asia Trading Calling Jane Street's actions a 'clear disregard' of regulatory warnings, SEBI has prohibited the Group from buying, selling, or dealing in securities, either directly or indirectly, until the manipulation probe concludes. Banks holding accounts of these entities have been told to freeze withdrawals unless SEBI allows it. SEBI further noted that the Jane Street Group kept doing questionable trades, especially near market closing on expiry days. It made large and aggressive moves to unfairly move the index, even after getting a warning in February and assuring the NSE that it would stop such actions. In its order, SEBI said: 'Such egregious behaviour, in clear disregard/ defiance of the explicit advisory issued to them by NSE in February 2025, amply demonstrates that unlike the vast majority of Foreign Portfolio Investors and other market participants, JS Group is not a good faith actor that can be, or deserves to be, trusted.' (With Reuters, PTI inputs)
United News of India
40 minutes ago
- United News of India
PM Modi welcomed with Bhojpuri Chautaal in Trinidad & Tobago
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Time of India
an hour ago
- Time of India
China tells India to stop interfering in matters related to Tibet, Dalai Lama succession
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